Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of November, 2022

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

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CONTENT


1. MAIN HIGHLIGHTS			2

2. ANALYSIS OF CONSOLIDATED RESULTS			4

3. EBITDA AND ADJUSTED EBITDA RECONCILIATION			7

4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT			8

4.1. UPSTREAM			8

4.2. DOWNSTREAM			12

4.3. GAS AND POWER			15

4.4. CORPORATE AND OTHER			17

5. LIQUIDITY AND SOURCES OF CAPITAL			18

5.1. CASH FLOW SUMMARY			18

5.2. NET DEBT			19

6. TABLES AND NOTES			21

6.1. CONSOLIDATED INCOME STATEMENT			21

6.2. CONSOLIDATED BALANCE SHEET			22

6.3. CONSOLIDATED CASH FLOW STATEMENT			23

6.4. MAIN PHYSICAL MAGNITUDES			25

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Basis of Presentation

From 3Q20 onwards, the Earnings Release is expressed in U.S. dollars to facilitate the reading of results. YPF has defined the U.S. dollar as its functional currency and subsidiaries having the Argentine Peso as functional currency were adjusted for inflation, corresponding to a hyperinflationary economy, in accordance with IAS guidelines. Unless otherwise indicated, the calculation of all Income Statement figures in U.S. dollars are calculated as the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period; and (2) the financial results of YPF S.A.’s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period. Cash Flow items were converted to U.S. dollars using the average exchange rate for each period; whereas Balance Sheet items were converted to U.S. dollars using the end of period exchange rate for each period. The accumulated financial information presented in this document is calculated as the sum of the quarters for each period.


Summary Consolidated Financials Unaudited Figures, in US$ million	3Q21		2Q22		3Q22		Y/Y Δ			Q/Q Δ			9M21			9M22		Y/Y Δ
Revenues		3,621		4,855		5,179		43.0	%		6.7	%		9,618			13,669		42.1	%
EBITDA		1,214		1,545		1,533		26.3	%		-0.8	%		3,184			4,114		29.2	%
Adjusted EBITDA		1,154		1,500		1,498		29.8	%		-0.1	%		3,005			3,971		32.1	%
Operating income before impairment of assets		428		850		805		88.1	%		-5.3	%		816			2,034		149.4	%
Operating income		428		850		701		63.8	%		-17.6	%		816			1,930		136.6	%
Net income before impairment of assets		237		798		746		214.9	%		-6.5	%		(280	)		1,792		N/A
Net income		237		798		678		186.3	%		-15.0	%		(280	)		1,724		N/A
EPS		0.59		2.01		1.72		191.5	%		-14.4	%		(0.69	)		4.37		N/A
Capex		696		932		1,186		70.5	%		27.3	%		1,763			2,865		62.5	%
FCF		144		310		262		81.7	%		-15.3	%		740			963		30.1	%
Cash and cash equivalents		1,034		1,243		1,335		29.1	%		7.4	%		1,034			1,335		29.1	%
Total debt		7,489		7,085		6,989		-6.7	%		-1.4	%		7,489			6,989		-6.7	%

EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items. EPS attributable to shareholders of the parent company (basic and diluted).

FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

1. MAIN HIGHLIGHTS

•

Adjusted EBITDA remained very strong reaching the US$1.5 billion quarterly mark for the second time in a row and expanding 30% y/y primarily on the back of improved pricing across our business segments and an enlarged hydrocarbon production based and despite significant cost pressures.

•

Total hydrocarbon production remained flat vis à vis the previous quarter at 504 Kboe/d, while increasing 1.8% y/y boosted by a strong 7.3% expansion in our crude oil production, which averaged 225 thousand barrels per day in the quarter.

•

Shale oil and shale gas production continued delivering healthy growth rates, with 48% and 22% y/y expansions, respectively, while we continued making progress on operational efficiencies setting new records on fracking and drilling speeds.

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•

Domestic fuels’ demand remained strong in the quarter, standing 11.3% above pre-pandemic levels of 3Q19, and 1.7% q/q, resulting in a new quarterly record in domestic sales of diesel.

•

Processing levels at our refineries recorded a slight sequential decrease during the quarter primarily driven by a programmed maintenance stoppage in the Plaza Huincul refinery. However, production of gasoline and middle destillates increased during the quarter through the maximization of our refinery conversion levels which, together with higher imported volumes, allowed to meet the historical high diesel demand and partially rebuild inventories.

•

Total OPEX for the quarter expanded by 6.4% sequentially, primarily as a result of the appreciation of the Argentine Peso in real terms, as inflation and wage increases continued to climb faster than the devaluation of the currency.

•

CAPEX activity continued gaining speed in 3Q22 expanding 27.3% q/q and 70.5% y/y, totaling US$1.2 billion and accumulating US$3.6 billion during the 9M22, being on track to fully deploy our updated target for the year.

•

Free cash flow was positive for the tenth consecutive quarter at US$262 million – accumulating US$966 million during 9M22, allowing for a further reduction in our net debt to US$5,655 million and taking the net leverage ratio down to 1.18x.

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2. ANALYSIS OF CONSOLIDATED RESULTS


Consolidated Revenues Breakdown Unaudited Figures, in US$ million	3Q21		2Q22		3Q22		Y/Y Δ			Q/Q Δ			9M21		9M22		Y/Y Δ
Diesel		1,220		1,775		1,950		59.8	%		9.9	%		3,252		5,008		54.0	%
Gasoline		720		880		878		21.9	%		-0.3	%		1,914		2,575		34.5	%
Natural gas as producers (third parties)		507		444		499		-1.6	%		12.3	%		1,160		1,269		9.4	%
Other		775		1,069		1,248		61.1	%		16.8	%		2,148		3,065		42.7	%

Total Domestic Market		3,222		4,168		4,575		42.0	%		9.8	%		8,475		11,917		40.6	%

Jet fuel		33		122		120		269.6	%		-1.3	%		83		327		296.2	%
Grain and flours		159		304		220		38.0	%		-27.7	%		503		637		26.7	%
Crude oil		6		0		0		N/A			N/A			23		5		-76.6	%
Petchem & Other		201		261		264		30.9	%		1.1	%		535		782		46.0	%

Total Export Market		399		687		604		*51.3*	%		*-12.1*	%		1,144		1,752		*53.2*	%

Total Revenues		3,621		4,855		5,179		*43.0*	%		*6.7*	%		9,618		13,669		*42.1*	%

During 3Q22, revenues totaled US$5,179 million, increasing by 6.7% q/q and 43.0% y/y. On a sequential basis, this growth was primarily due to higher diesel and natural gas prices, and higher volumes dispatched of gasoline, natural gas and jet fuel.

•

Total diesel revenues in the domestic market (retail and wholesale) – 37.7% of total revenues – increased by 9.9% sequentially driven by an expansion of 9.7% in prices while volumes dispatched remained virtually unchanged (+0.2%), maintaining the all-time-high demand recorded during the previous quarter. It is worth highlighting that diesel demand in the agro business declined by 21% during the quarter, fully compensated by an increasing demand in the retail and industrial segments.

•

Gasoline sales in the local market – 16.9% of total sales – remained essentially flat q/q (-0.3%), where the contraction in prices, measured in dollar terms, almost offset the expansion in demand of 4.1%.

•

Natural gas revenues as producers sold to third parties in the domestic market, representing 9.6% of total sales, increased by 12.3% q/q reflecting the benefit of higher average realization prices by 10.6% driven by the seasonality factor included in the Plan GasAR between May and September, while volumes slightly increased by 1.5%.

•

Other domestic sales jumped 16.8% q/q mainly due to higher sales of jet fuel and natural gas to the retail distribution segment -through our subsidiary Metrogas-. Moreover, sales of some refined products, such as lubricants and coal, increased during Q3 benefited from a higher pricing environment, despite a 12.6% decline q/q in Brent oil price.

•

Export revenues decreased by 12.1% q/q mainly due to lower exports of grain and flours, on the back of a lower seasonal demand, partially offset by higher natural gas exports, which represented almost 4% of total natural gas sales as producers, sold with a remarkable price of 7.5 USD/MBTU.

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Consolidated Costs Breakdown Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Lifting cost		(495	)		(610	)		(631	)		27.6	%		3.5	%		(1,365	)		(1,774	)		30.0	%
Other Upstream		(71	)		(85	)		(89	)		25.4	%		4.7	%		(424	)		(230	)		-45.7	%
Refining & Logistics		(284	)		(344	)		(378	)		32.9	%		9.8	%		(768	)		(1,011	)		31.6	%
Other Downstream		(124	)		(148	)		(166	)		33.7	%		12.4	%		(334	)		(421	)		26.2	%
G&P, Corpo. & Other		(105	)		(171	)		(181	)		72.0	%		5.6	%		(64	)		(478	)		646.2	%

Total OPEX		(1,079	)		(1,358	)		(1,444	)		*33.9*	%		*6.4*	%		(2,955	)		(3,914	)		*32.5*	%

Depreciation & Amortization		(780	)		(693	)		(722	)		-7.4	%		4.3	%		(2,363	)		(2,066	)		-12.5	%
Royalties		(221	)		(242	)		(263	)		18.8	%		8.7	%		(579	)		(720	)		24.3	%
Other		(124	)		(186	)		(174	)		40.1	%		-6.7	%		(356	)		(483	)		35.5	%

Total Other Costs		(1,126	)		(1,121	)		(1,159	)		*2.9*	%		*3.4*	%		(3,298	)		(3,269	)		*-0.9*	%

Fuels imports		(170	)		(346	)		(568	)		235.0	%		64.2	%		(339	)		(1,248	)		268.0	%
Crude oil purchases to third parties		(235	)		(310	)		(361	)		53.6	%		16.5	%		(735	)		(927	)		26.1	%
Biofuel purchases		(136	)		(251	)		(304	)		123.9	%		20.8	%		(333	)		(722	)		116.6	%
Non-oil agro purchases		(311	)		(503	)		(386	)		23.8	%		-23.3	%		(752	)		(1,080	)		43.7	%
Other purchases		(265	)		(315	)		(408	)		54.2	%		29.7	%		(625	)		(918	)		46.8	%
Stock variations		95			210			272			187.6	%		29.3	%		206			485			135.8	%

Total Purchases & Stock Variations		(1,022	)		(1,515	)		(1,755	)		*71.7*	%		*15.9*	%		(2,579	)		(4,410	)		*71.0*	%

Other operating results, net		34			(12	)		(16	)		N/A			36.3	%		30			(41	)		N/A
Impairment of assets		—			—			(104	)		N/A			N/A			—			(104	)		N/A

Operating Costs + Purchases + Impairment of Assets		(3,193	)		(4,005	)		(4,478	)		*40.2*	%		*11.8*	%		(7,198	)		(8,483	)		*17.9*	%

Stock variations include price effects by US$30 million in 3Q21, US$131 million for 2Q22 and US$151 million for 3Q22.

In terms of costs, operating expenses (OPEX) in the third quarter totaled US$1,444 million, expanding 6.4% compared to 2Q22 due to the continued overall accelerated inflationary environment and a slower-than-expected pace of the currency depreciation, combined with higher transportation costs and increased maitainance activity on the back of the 2 months programmed stoppage of our Plaza Huincul refiney. In the same line, when compared to the same period of last year, total OPEX increased 33.9%, driven by the inflationary macroeconomic enviroment described above, coupled by an overall growth across our business, on the back of higher O&G production, processing levels and demand.

Total Purchases and Stock Variations, a category highly correlated with demand levels for refined and non-oil agro products, increased by 15.9% sequentially.

•

Gasoline and diesel imports increased by 75.7% q/q, driven by 67.9% higher imported volumes combined with higher prices by 4.7%. The expansion of both gasoline and diesel import volumes, which represented 13% of total fuels sales, together with higher gasoline and middle destilated production out of our refineries, allowed to meet the higher demand and partially restock inventories.

•

Crude oil purchases grew by 16.5% q/q led by an increase in volumes of 12.8%, due to a rebuild in refineries inventories, and higher prices of 3.3%, aligned with the sequentuial increase in fuels price at the pump.

•

Non-oil agro purchases decreased by 23.3% sequentially, mainly due to lower seasonal demand of grains and flours, aligned with the lower sales of these products.

•

Biofuel purchases grew by 19.8%, where biodiesel increased 25.4% and bioethanol expanded 12.8%. Biodiesel variation can be explained through a higher blend in diesel sales that has been in place since mid-June, partially offset by a decrease of 12.3% in prices. On the other hand, bioethanol purchases increased mainly due to higher gasoline demand.

In terms of our inventories, a positive stock variation of US$272 million was recorded during 3Q22, mainly due to higher crude and diesel inventories, as well as an upward trend in the replacement cost of our inventories.

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Consolidated Net Income Breakdown

Unaudited Figures, in US$ million

3Q21

2Q22

3Q22

Y/Y Δ

Q/Q Δ

9M21

9M22

Y/Y Δ

Operating income

428

850

701

63.8

-17.6

816

1,930

136.6

Interests in companies and joint ventures

133

145

225.4

8.7

117

393

235.6

Financial results, net

(82

)

115

N/A

(247

)

N/A

Income tax

(153

)

(181

)

(282

)

84.2

55.8

(966

)

(666

)

-31.1

Net Income

237

798

678

186.3

-15.0

(280

)

1,724

N/A

Net Income before impairment of assets

237

798

746

214.9

-6.5

(280

)

1,792

N/A

Net financial results for 3Q22 represented a US$115 million gain compared to the loss of US$4 million posted in 2Q22. This was primarily led by the higher devaluation of Argentinian currency; higher interests rates on our liquidity and lower debt intereses accrued owing to the reduction of our financial debt.

As a result of the operating and financial evolution, earnings before taxes in Q3 reached a positive mark of US$ 960 million, slightly decreasing by 1.9% q/q, while net income for the quarter resulted in a gain of US$678 million, compared to the gain of US$798 million in 2Q22, accumulating over 1.7 billion during the first 9 months of the year.

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3. EBITDA AND ADJUSTED EBITDA RECONCILIATION

Adjusted EBITDA for 3Q22 reached a quarterly mark of US$1,498 million, remaining roughly stable on a sequential basis. When compared to the same period of last year, EBITDA increased 29.8% mainly due to higher realization prices across the board, including higher prices of diesel, gasoline, natural gas and other international-priced products and the expansion in oil production and processing levels, partially offset by higher OPEX.

The below tables display the reconciliation between EBITDA and Adjusted EBITDA for the quarter:


Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Q/Q Δ
Net Income		237			798			678			186.3	%		-15.0	%		(280	)		1,724			N/A
Financial results, net		82			4			(115	)		N/A			N/A			247			(67	)		N/A
Interests in companies and joint ventures		(45	)		(133	)		(145	)		225.4	%		8.7	%		(117	)		(393	)		235.6	%
Income tax		153			181			282			84.2	%		55.8	%		966			666			-31.1	%
Unproductive exploratory drillings		5			2			6			16.6	%		157.8	%		6			13			125.4	%
Depreciation & amortization		780			693			722			-7.4	%		4.3	%		2,363			2,066			-12.5	%
Impairment of assets		—			—			104			N/A			N/A			—			104			N/A

EBITDA		1,214			1,545			1,533			*26.3*	%		*-0.8*	%		3,184			4,114			*29.2*	%

Leasing		(64	)		(63	)		(74	)		15.8	%		16.4	%		(188	)		(202	)		7.6	%
Other adjustments		5			19			39			753.6	%		106.3	%		9			59			591.5	%

Adjusted EBITDA		1,154			1,500			1,498			*29.8*	%		*-0.1*	%		3,005			3,971			*32.1*	%


EBITDA breadkdown by segment Unaudited Figures, in US$ million	Upstream			Downstream			Gas & Energy			Corporate & Other			Consolid. Adjustments			Total
Operating income		302			374			49			(118	)		94			701
Depreciation & amortization		541			139			20			23			(1	)		722
Unproductive exploratory drillings		6			—			—			—			—			6
Impairment of assets		104			—			—			—			—			104

EBITDA		953			513			69			(95	)		93			1,533

Leasing		(48	)		(20	)		(6	)		—			—			(74	)
Other adjustments		1			1			(5	)		41			—			39

Adjusted EBITDA		906			494			58			(54	)		93			1,498

The main variations of Adjusted EBITDA for the quarter by business segment are displayed on the below chart:

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4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT

4.1. UPSTREAM


Upstream Operating data Unaudited Figures	3Q21		2Q22		3Q22		Y/Y Δ			Q/Q Δ			9M21		9M22		Y/Y Δ
Net Production Breakdown

Crude Production (Kbbld)		209.4		225.3		224.8		*7.3*	%		*-0.2*	%		209.1		224.1		*7.2*	%

Conventional		153.8		148.3		144.7		-5.9	%		-2.4	%		156.4		147.2		-5.8	%
Shale		52.1		73.9		77.0		47.8	%		4.2	%		49.5		73.8		49.1	%
Tight		3.5		3.2		3.1		-12.0	%		-3.0	%		3.3		3.1		-4.9	%

NGL Production (Kbbld)		41.7		41.7		38.0		*-8.8*	%		*-8.9*	%		36.0		41.3		*14.8*	%

Conventional		14.8		16.8		14.7		-0.9	%		-12.5	%		16.5		15.7		-4.4	%
Shale		25.3		23.7		22.3		-12.0	%		-6.1	%		18.0		24.3		34.9	%
Tight		1.6		1.3		1.1		-31.1	%		-15.2	%		1.5		1.3		-14.2	%

Gas Production (Mm3d)		38.9		37.6		38.4		*-1.2*	%		*2.1*	%		34.9		38.0		*8.9*	%

Conventional		16.9		15.2		15.0		-11.2	%		-1.4	%		17.5		15.2		-13.2	%
Shale		14.0		15.5		17.1		22.2	%		10.9	%		9.7		16.0		65.0	%
Tight		8.0		7.0		6.3		-21.0	%		-9.6	%		7.7		6.9		-11.3	%

Total Production (Kboed)		495.6		503.7		504.4		*1.8*	%		*0.1*	%		464.8		504.6		*8.6*	%

Conventional		274.8		260.6		253.6		-7.7	%		-2.7	%		283.1		258.7		-8.6	%
Shale		165.5		194.7		207.0		25.0	%		6.3	%		128.3		198.4		54.7	%
Tight		55.3		48.3		43.8		-20.7	%		-9.3	%		53.4		47.5		-11.0	%
Average realization prices
Crude Oil (USD/bbl)		55.3		65.1		67.5		21.9	%		3.6	%		52.4		63.9		22.1	%
Natural Gas (USD/MMBTU) (*)		4.2		3.9		4.4		4.5	%		13.1	%		3.7		3.8		1.2	%

(*)	Average realization price for third parties

Total hydrocarbon production remained stable sequentially, recording a 1.8% increase year over year boosted by a strong 7.3% expansion in our crude oil production, almost unchanged against Q2. On the natural gas side, production jumped 2.1% on a sequential basis, while NGLs production was negatively affected by programmed maintenance activities at MEGA during the months of August and September, resulting in an 8.9% q/q contraction.

Shale production continued expanding strongly during the quarter, where shale oil and shale gas increased by 47.8% and 22.2% y/y, respectively, representing 41.0% of our total consolidated production, growing from 33.4% a year ago.

Average daily crude oil production remained almost flat (-0.2% q/q), where shale production expanded by 4.2% and conventional production dropped 2.4% driven by the natural decline of our mature fields, partially offset by the positive results of the tertiary recovery. Regarding tertiary production, it is worth mentioning the progress achieved so far in the Manantiales Behr block, currently operating 8 Polymer Injection Units leading into new production records (26.6 kbbl/d during October, representing 28% of total production), as well as the promising results from the main three key pilots beyond Manantiales Behr being deployed at Chachahuen in Mendoza, El Trebol in Chubut and Los Perales in Santa Cruz.

On the natural gas side, average daily production increased by 2.1% q/q, driven by a 10.9% higher shale gas production, which was slightly offset by the 1.4% reduction in our conventional production.

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Oil and gas realization prices increased sequentially. Our average realization oil price increased by 3.6% q/q aligned with local fuel price adjustments implemented during the quarter, to about US$67.5 per barrel, although still priced at a discount to export parity. On the gas side, the average price for third parties for the quarter was 4.4US$/MMBTU rising by 13.1% q/q supported by the seasonality factor included in the Plan GasAR between May and September.

In 3Q22, total segment revenues reached US$2,008 million, increasing by 14.8% compared to 2Q22 and 25.2% y/y.

•

Crude oil revenues expanded by 14.5% q/q mainly led by a rise of 10.5% q/q in sales volumes as described above.

•

Natural gas revenues went up by 16.2% q/q, mainly due the seasonal price increase of 13.1% detailed previously, coupled by an increase of 2.8% in volumes sold.


Upstream Financials Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Crude oil		1,065			1,263			1,445			35.8	%		14.5	%		2,986			3,860			29.3	%
Natural gas		536			487			566			5.6	%		16.2	%		1,244			1,439			15.6	%
Other		4			(1	)		(3	)		N/A			354.7	%		7			(2	)		N/A

Revenues		1,604			1,749			2,008			*25.2*	%		*14.8*	%		4,237			5,296			*25.0*	%

Depreciation & amortization		(606	)		(506	)		(541	)		-10.7	%		7.0	%		(1,850	)		(1,522	)		-17.7	%
Lifting cost		(495	)		(610	)		(631	)		27.6	%		3.5	%		(1,365	)		(1,774	)		30.0	%
Royalties		(221	)		(239	)		(259	)		17.3	%		8.7	%		(579	)		(711	)		22.6	%
Exploration expenses		(10	)		(13	)		(19	)		92.5	%		45.5	%		(20	)		(42	)		111.3	%
Other		(50	)		(45	)		(152	)		201.9	%		241.7	%		(193	)		(285	)		47.7	%

Operating income before impairment of assets		222			337			406			*82.8*	%		*20.3*	%		229			962			*320.6*	%

Impairment of assets		—			—			(104	)		N/A			N/A			—			(104	)		N/A

Operating income		222			337			302			*36.0*	%		*-10.5*	%		229			858			*275.2*	%

Depreciation & amortization		606			506			541			-10.7	%		7.0	%		1,850			1,522			-17.7	%
Unproductive exploratory drillings		5			2			6			16.6	%		157.8	%		6			13			125.4	%
Impairment of assets		—			—			104			N/A			N/A			—			104			N/A

EBITDA		833			845			953			*14.4*	%		*12.7*	%		2,085			2,497			*19.8*	%

Leasing		(38	)		(39	)		(48	)		27.2	%		24.7	%		(115	)		(124	)		8.1	%
Other adjustments		0			1			1			478.3	%		76.4	%		0			2			506.6	%

Adjusted EBITDA		795			807			906			*13.9*	%		*12.2*	%		1,970			2,375			*20.6*	%

Capex		559			730			867			*54.9*	%		*18.7*	%		1,465			2,203			*50.4*	%


Unit Cash Costs Unaudited Figures, in US$/boe	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Lifting Cost		10.8			13.3			13.6			25.4	%		2.3	%		10.8			12.9			19.9	%
Royalties and other taxes		5.2			5.7			6.2			18.8	%		9.6	%		5.0			5.7			14.7	%
Other Costs		1.7			2.1			2.1			23.0	%		1.9	%		2.0			1.9			-4.5	%

Total Cash Costs (US$/boe)		17.8			21.0			21.9			*22.9*	%		*4.2*	%		17.7			20.5			*15.7*	%

In terms of our cost structure per unit basis, total cash costs increased by 4.2% sequentially and 22.9% y/y, due to the following:

•

Lifting cost increased by 2.3% q/q mainly driven by cost pressures in local currency that continue to run higher than the FX depreciation. Compared to 3Q21, lifting cost expanded 25.4%, driven by the previously mentioned inflationary process and the higher activity in terms of production, pulling and maitainance costs. When breaking down our lifting costs by type of operation in 3Q22, our unconventional activities averaged 3.8 US$/BOE a decrease of 1.4% q/q while our conventional activities averaged US$21.7 per BOE, a rise of 6.0% q/q. Lifting cost within our shale core hub achieved a further increase from 3.5 US$/boe in 2Q22 to 3.7 US$/boe in 3Q22, primarily due to the combination of higher maintenance activities and general cost pressures.

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•

Royalties within the upstream segment and other taxes increased 9.6% sequentially, where natural gas royalties increased by 18.2%, and oil royalties went up by 5.6%, mainly due to higher realization prices.

In summary, adjusted EBITDA for the upstream segment reached US$906 million in the quarter, growing by 12.2% q/q and 13.9% y/y.

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CAPEX:

During Q3 upstream capex totaled US$867 million, increasing by 18.7% sequentially and 54.9% y/y, where 70.7% was allocated to drilling and workover activities, 26.8% to new facilities or the expansion of existing ones, and the remaining 2.5% to exploration and other upstream activities.

During this quarter, drilling and workover activities continued with the positive trend initiated at the beginning of the year, completing a total of 75 new wells in our operated blocks. Regarding activity within our unconventional upstream operations, during the quarter, we completed a total of 36 new horizontal wells in our operated blocks, 33 of shale oil and 3 of shale gas and drilled a total of 47 new horizontal wells, 38 of which were in oil-producing blocks and 9 targeting shale gas, representing a new quarterly mark in terms of drilling activity.

In terms of efficiencies within our shale operations, during the third quarter we continued setting new records on drilling and fracking performance, averaging 259 meters per day in drilling and over 210 stages per set per month on fracking, increasing by 29% and 13% respectively, when compared to the same quarter in 2021. As an example of these productivity improvements, during the quarter we drilled the first slim-design wells with more than 4,000 meters of lateral length in Rincón del Mangrullo block, setting a new record in terms of horizontal length for a well with “slim-design”.

Moreover, we continued with the strategy of developing Vaca Muerta beyond the core hub blocks. In that regard, during the months of September and October we tied in 2 wells at our fully-owned Lajas Este block and we have just finished drilling the first delineation well at the Loma Amarilla block, also 100% owned by us, targeting to fracture it before the end of this year.

On the conventional side, our operations maintained their focus on sustainability related activities aiming to further reduce the priority risks in our facilities. At the same time, as described above, tertiary recovery activities continued being highly relevant during the quarter in the Manantiales Behr, El Trébol, Los Perales and Cañadón León blocks and secondary recovery activities remained on track mainly concentrated in the Golfo San Jorge basin.

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4.2. DOWNSTREAM


Downstream Operating data Unaudited Figures	3Q21			2Q22			3Q22			Y/Y Δ			Q/ Q Δ			9M21			9M22			Y/Y Δ
Crude processed (Kbbld)		263.0			287.6			279.0			6.1	%		-3.0	%		267.5			282.8			5.7	%
Refinery utilization (%)		80	%		88	%		85	%		490	bps		-260	bps		82	%		86	%		465	bps

Sales volume

Sales of refined products (Km3)		4,610			4,743			4,920			*6.7*	%		*3.7*	%		13,015			14,235			*9.4*	%

Total domestic market		4,297			4,416			4,535			5.5	%		2.7	%		12,174			13,160			8.1	%
of which Gasoline		1,263			1,364			1,419			12.4	%		4.1	%		3,534			4,193			18.6	%
of which Diesel		2,084			2,284			2,288			9.8	%		0.2	%		5,826			6,602			13.3	%
Total export market		313			328			385			23.0	%		17.5	%		840			1,074			27.9	%

Sales of petrochemical products (Ktn)		197			139			115			*-41.6*	%		*-17.0*	%		567			382			*-32.6*	%

Domestic market		137			111			90			-34.1	%		-18.9	%		376			301			-20.0	%
Export market		60			27			25			-58.6	%		-8.9	%		192			82			-57.3	%

Sales of grain, flours and oils (Ktn)		381			517			449			*17.6*	%		*-13.2*	%		1,132			1,237			*9.2*	%

Domestic market		4			39			50			1117.2	%		29.3	%		26			96			265.9	%
Export market		377			478			398			5.6	%		-16.6	%		1,106			1,140			3.1	%

Sales of fertilizers (Ktn)		25			166			242			*866.0*	%		*45.6*	%		539			512			*-4.9*	%

Domestic market		25			166			242			866.0	%		45.6	%		539			512			-4.9	%


Net average prices of fuels in the domestic market
Gasoline (USD/m3)		516			589			564			9.3	%		-4.3	%		497			562			13.1	%
Diesel (USD/m3)		552			738			810			46.8	%		9.7	%		528			719			36.2	%
Other refined products (USD/bbl)		72			106			104			44.2	%		-2.5	%		66			99			49.8	%

Net Average domestic prices for gasoline and diesel are net of taxes, commissions, commercial bonuses and freights.

Nominal capacity at 328.1 Kbbl/d since 1Q21.

Crude oil processed during the quarter stood at 279.0 Kbbl/d, which represented a decrease of 3.0% q/q and an increase of 6.1% y/y. The utilization rate was 85.0% and, despite the lower processing levels, during the third quarter we achieved a new record of gasoline and middle distillates production through the maximization of our refinery conversion levels. The sequential decrease in processing levels was primarily driven by a programmed maintenance stoppage in the Plaza Huincul refinery.

Domestic gasoline sales volumes increased by 4.1% q/q surpassing pre-pandemic levels by 9.4%, while domestic diesel volumes remained roughly stable sequentially, maintaining the record levels achieved during the previous quarter, standing 12.9% above pre-pandemic levels of the same third quarter of 2019. It is worth highlighting that diesel demand in the agro business declined by 21% during the quarter due to an intense drought, fully compensated by an increasing demand in the retail and industrial segments.

Net average diesel prices in the domestic market measured in U.S. dollar terms increased by 9.7% q/q, while net average gasoline prices decreased by 4.3% q/q. The sequential variation was the result of an active pricing policy at the pump, aiming at compensating the depreciation of the currency while also managing to partially track import parities. Moreover, during the third quarter, we have continued benefiting from a high pricing environment on the basket of refined products, other than gasoline and diesel, which represent between 15% and 20% of our total revenues. While the average price for this basket declined by 2.5% versus the previous quarter, among a decline of 13% in Brent oil price, it remained 44.2% above the average for the third quarter of 2021.

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Downstream Financials Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Diesel		1,220			1,775			1,950			59.8	%		9.9	%		3,252			5,008			54.0	%
Gasoline		720			880			878			21.9	%		-0.3	%		1,914			2,575			34.5	%
Other domestic market		528			844			1,007			90.8	%		19.4	%		1,613			2,473			53.3	%
Export market		394			671			559			41.9	%		-16.8	%		1,127			1,653			46.6	%

Revenues		2,861			4,170			4,394			*53.6*	%		*5.4*	%		7,907			11,708			*48.1*	%

Depreciation & amortization		(141	)		(138	)		(139	)		-1.1	%		1.0	%		(415	)		(411	)		-1.0	%
Refining & Logistics costs		(284	)		(344	)		(378	)		32.9	%		9.8	%		(768	)		(1,011	)		31.6	%
Fuels imports		(170	)		(346	)		(568	)		235.0	%		64.2	%		(339	)		(1,248	)		268.0	%
Crude oil purchases (intersegment + third parties)		(1,300	)		(1,600	)		(1,833	)		41.1	%		14.6	%		(3,721	)		(4,867	)		30.8	%
Biofuel purchases		(136	)		(251	)		(304	)		123.9	%		20.8	%		(333	)		(722	)		116.6	%
Non-oil agro purchases		(311	)		(503	)		(386	)		23.8	%		-23.3	%		(752	)		(1,080	)		43.7	%
Other		(285	)		(364	)		(413	)		44.7	%		13.6	%		(802	)		(1,061	)		32.2	%

Operating income before impairment of assets		235			625			374			*59.2*	%		*-40.2*	%		776			1,308			*68.6*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		235			625			374			*59.2*	%		*-40.2*	%		776			1,308			*68.6*	%

Depreciation & amortization		141			138			139			-1.1	%		1.0	%		415			411			-1.0	%

EBITDA		376			763			513			*36.6*	%		*-32.7*	%		1,191			1,719			*44.3*	%

Leasing		(21	)		(19	)		(20	)		-3.8	%		4.3	%		(56	)		(58	)		3.1	%
Other adjustments		(0	)		1			1			N/A			31.9	%		0			3			535.9	%

Adjusted EBITDA		355			745			494			*39.4*	%		*-33.6*	%		1,135			1,664			*46.6*	%

Holding results from oil products		48			192			40			-15.9	%		-79.0	%		217			300			38.2	%

Adjusted EBITDA excl. holding results from oil products		307			553			454			*48.0*	%		*-17.9*	%		918			1,364			*48.6*	%

Capex		113			171			226			*100.1*	%		*32.5*	%		245			502			*104.7*	%

Revenues during Q3 totaled US$4,394 million, an increase of 5.4% compared to 2Q22, mainly driven by higher prices of diesel and higher volumes dispatched of gasoline, jet fuel, lubricants, among others.

Refining and logistics costs went up 9.8% q/q, mainly as a result of the inflationary pressure on materials, services and energy costs in our refineries, coupled with higher transportation costs aligned with higher volumes sold of gasoline and jet fuel described above.

Separately, gasoline and diesel imports increased by 75.7% primarily due to higher prices and an even more pronounced increase in volumes. Crude oil purchases (including inter-segment purchases to our Upstream operations) increased by 14.6%, driven by a volume increase of 10.7%, primarly due to an inventory rebuilding and a higher crude oil realization price by 3.7%. Biofuel purchases increased by 20.8% mainly as a result of a higher mandatory biodiesel blend in force since mid-June and higher gasoline volumes sold in the quarter. Non-oil agro purchases decreased by 23.3%, aligned with the contraction in volume sales.

As a result, Downstream adjusted EBITDA, excluding inventories price effects from oil products, totaled US$17.8 per barrel of crude processed, decreasing q/q from US$21.1 per barrel of adjusted EBITDA recorded in the previous quarter. Within the Downstream segment, Refining & Marketing adjusted EBITDA reached US$15.0 per barrel, while Petrochemical business totaled US$2.9 per barrel.

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CAPEX:

In 3Q 2022, Downstream capex totaled US$226 million for the quarter, setting a 32.5% increase compared to the second quarter and a 100.1% rise y/y. Out of the total, 64.2% was allocated to refining, 19.4% to logistics, 8.4% to petrochemicals and the remaining 8% to marketing.

During 3Q22, we continued with the execution of the new fuel specifications project, including the construction of a new diesel hydrotreatment unit at the Luján de Cuyo refinery and a gasoline hydrotreatment and revamping of existing gasoline units, in La Plata industrial complex. The purpose of these works is to comply with the new fuel specifications established by Resolution No. 576/2019, which will come in force in 2024. In addition, we moved forward with the revamping of the Topping D Unit of the La Plata refinery, which will allow to process greater shale oil levels and is expected to be ready by 2024. In the same line, we started perliminary works for the revamping of the Topping Unit at the Plaza Huincul refinery, which will also enable us to increase the shale oil processing capacity.

In terms of midstream oil investments, which consolidate within the Downstream segment, we continued moving forward with our strategy of de-bottlenecking the continuous expansion of the Vaca Muerta formation. In that regard, during the quarter we continued advancing with the expansion of Oldelval’s oil pipeline, which will double up the existing evacuation capacity, the Oil Tanking Ebytem’s export terminal, as well as with the construction of the new “Vaca Muerta Norte” oil pipeline, that will connect the core hub blocks with the northern of the Neuquén Province and the trans-Andean oil pipeline.

Finally, during this quarter, we continued improving safety conditions for our people and facilities, complying with the current environmental regulations in refining operations, logistics and dispatch of oil products.

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4.3. GAS AND POWER


Gas & Power Financials Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Natural gas as producers (intersegment + third parties)		546			493			585			7.0	%		18.6	%		1,258			1,466			16.5	%
Natural gas retail segment		147			138			150			2.0	%		8.9	%		313			349			11.5	%
Other		51			117			122			141.5	%		4.0	%		120			325			169.5	%

Revenues		744			748			857			*15.2*	%		*14.5*	%		1,692			2,140			*26.5*	%

Depreciation & amortization		(14	)		(21	)		(20	)		45.4	%		-5.1	%		(38	)		(63	)		64.2	%
Natural gas purchases (intersegment + third parties)		(539	)		(490	)		(580	)		7.6	%		18.4	%		(1,252	)		(1,466	)		17.1	%
Other		(162	)		(197	)		(208	)		28.1	%		5.4	%		(393	)		(518	)		31.8	%

Operating income before impairment of assets		29			40			49			*70.1*	%		*22.5*	%		9			92			*959.8*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		29			40			49			*70.1*	%		*22.5*	%		9			92			*959.8*	%

Depreciation & amortization		14			21			20			45.4	%		-5.1	%		38			63			64.2	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

EBITDA		43			61			69			*62.1*	%		*13.0*	%		47			155			*229.8*	%

Leasing		(5	)		(6	)		(6	)		10.6	%		0.0	%		(16	)		(20	)		19.3	%
Other adjustments		(0	)		(1	)		(5	)		30269.3	%		616.5	%		3			(6	)		N/A

Adjusted EBITDA		37			54			58			*56.6*	%		*7.0*	%		34			130			*284.5*	%

Capex		4			11			27			*570.5*	%		*148.5*	%		14			45			*214.9*	%

Sales of natural gas as producers include domestic and external markets

Revenues during 3Q22 totaled US$857 million, rising 14.5% compared to 2Q22, mainly driven by an increase of 18.6% in sales of natural gas as producers – 68.2% of the segment’s sales - due to a price increase of 12.8%, led by the seasonality factor included in the Plan GasAR, and an expansion of 5.2% in volumes sold.

Natural gas sales from our controlled company Metrogas S.A. to the retail distribution segment (residential customers and small businesses) and to large customers (power plants and industries) – 17.5% of segment’s sales – increased by 8.9% q/q mainly driven by higher natural gas volumes dispatched of 5.3% and higher prices of 3.4%.

On a y/y basis, Gas & Power’s revenues increased by 15.2% driven by a 7.0% growth in natural gas sales as producers, a 2.0% expansion of the retail segment sales and a 141.5% increase in other sales, driven by the transfer from the Upstream segment of the sales of propane and butane, now included in the new Midstream gas unit.

Total operating costs, excluding depreciation and amortization, increased by 14.7% q/q primarily due to a 18.4% increase of gas natural purchases, in line with the sales’ growth during 3Q22.

As a whole, Adjusted EBITDA stood at US$58 million, showing a 7.0% growth compared to the US$54 recorded in 2Q22.

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CAPEX:

During 3Q22 Gas & Power capex totaled US$27 million, increasing by 148.4% sequentially, mainly focused on the construction of new midstream gas facilities. In that regard, during the quarter we made progress in the development of (i) the “Tex Randall Project”, aimed at increasing the gas processing up to 6 Mm3/d in the core hub blocks and (ii) the Rincón del Mangrullo expansion project, aimed at improving the gas transportation capacity to the regulated system by 5 Mm3/d.

Finally, in September 2022, YPF and Petronas, the national oil and gas company of Malaysia, signed a Memorandum Of Understanding (MOU) and a Joint Study and Development Agreement (JSDA) for an integrated liquefied natural gas (“LNG”) project in Argentina that will involve the potential construction of a LNG terminal, together with the development of upstream unconventional gas projects, the construction of the associated infrastructure (including gas pipelines), as well as the international LNG marketing and trading.

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4.4. CORPORATE AND OTHER


Corporate & Other Financials Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Revenues		224			280			330			*47.4*	%		*17.8*	%		548			845			*54.0*	%

Operating costs and other		(261	)		(375	)		(448	)		71.5	%		19.6	%		(664	)		(1,117	)		68.2	%

Operating income before impairment of assets		(37	)		(94	)		(118	)		*215.7*	%		*25.0*	%		(116	)		(272	)		*135.4*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		(37	)		(94	)		(118	)		*215.7*	%		*25.0*	%		(116	)		(272	)		*135.4*	%

Depreciation & amortization		22			29			23			6.6	%		-21.9	%		63			73			15.1	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

EBITDA		(16	)		(65	)		(95	)		*501.2*	%		*46.3*	%		(53	)		(200	)		*280.1*	%

Leasing		—			—			—			N/A			N/A			—			—			N/A
Other adjustments		5			18			41			778.6	%		130.5	%		5			60			1186.1	%

Adjusted EBITDA		(11	)		(47	)		(54	)		*384.5*	%		*14.4*	%		(48	)		(140	)		*192.0*	%

Capex		19			21			66			*245.7*	%		*220.8*	%		39			117			*197.8*	%

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously mentioned business segments.

Corporate and other adjusted EBITDA represented a loss of US$54 million in 3Q 2022, compared to a loss of US$47 million in 2Q22.

Our subsidiary AESA maintained its adjusted EBITDA q/q as well as the Sand Mining Operations unit. Consequently, the sequential increase in the EBITDA loss was recorded in our corporate areas driven by higher cost explained by the reigning cost pressures.

Moreover, comparing the evolution of the EBITDA y/y, the loss rose almost 400%, primarly driven by some one-off real estate sales recorded the same quarter of last year.

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5. LIQUIDITY AND SOURCES OF CAPITAL

5.1. CASH FLOW SUMMARY


Summary Consolidated Cash Flow Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Cash BoP		540			795			667			23.5	%		-16.1	%		650			611			-6.0	%
Net cash flow from operating activities		1,086			1,334			1,585			45.8	%		18.8	%		3,141			4,352			38.5	%
Net cash flow from investing activities		(789	)		(1,021	)		(990	)		25.5	%		-3.1	%		(1,844	)		(2,850	)		54.6	%
Net cash flow from financing activities		(200	)		(379	)		(350	)		75.3	%		-7.6	%		(1,247	)		(1,100	)		-11.8	%
FX adjustments & other		(15	)		(62	)		(78	)		429.4	%		25.8	%		(77	)		(180	)		133.0	%

Cash EoP		623			667			834			*33.8*	%		*25.0*	%		623			834			*33.8*	%

Investment in financial assets		410			575			500			22.0	%		-13.0	%		410			500			22.0	%

Cash + short-term investments EoP		1,034			1,243			1,335			*29.1*	%		*7.4*	%		1,034			1,335			*29.1*	%

FCF		144			310			262			*81.7*	%		*-15.3*	%		740			963			*30.1*	%

FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

In 3Q22 we continued the positive trend in our cash flow from operations, which reached US$1,585 million, comfortably covering our investment plan and interest payments, allowing for further net debt reduction. On a sequential basis, the cash flow from operations increased 18.8%, despite flat adjusted EBITDA levels, primarily due to positive working capital variations, the latter resulting from import duties paid in advance the previous quarter.

Net cash flow from investing activities was negative US$990 million, compared to negative US$1,021 million in 2Q22. This decrease, despite the expansion in our investment activity, was mainly driven by lower investments in financial assets. In 3Q21, net cash outflow from investing activities was negative US$789 million, significantly lower than 3Q22, mainly driven by the expansion in our CAPEX plan.

Net cash flow from financing activities amounted to negative US$350 million in 3Q22, standing at similar levels to those recorded in the previous quarter.

As a result, free cash flow before debt financing reached US$262 million during the quarter, being positive for the tenth consecutive quarter. This improvement was achieved through a very strong profitability level, partially compensated by the increase of our investment plan, remaining on track to meet the target of the year.

In terms of liquidity, our cash and short-term investments stood at US$1,335 million by the end of September, an increase of US$92 million when compared to the previous quarter, including US$500 million of sovereign bonds and treasury notes.

In terms of cash management, during the quarter we continued with an active asset management approach to minimize FX exposure, considering the regulations in force that prevent us from holding a larger portion of our liquidity in foreign currency. In that sense, in a context of limited available dollarized instruments in the local market and given the high level of liquidity that continued during this quarter, we ended up with a consolidated net FX exposure of 31.0% of total liquidity. Nevertheless, if we consider the liquidity invested in inflation indexed instruments as a proxy-hedge to FX risk, the net exposure falls to 22.0%.

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5.2. NET DEBT


Net debt breakdown Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Q/Q Δ
Short-term debt		1,092			766			857			11.8	%
Long-term debt		6,397			6,320			6,133			-3.0	%

Total debt		7,489			7,085			6,989			*-1.4*	%

Avg. Interest rate for AR$-debt		35.1	%		42.4	%		*56.2*	%
Avg. Interest rate for US$-debt		7.5	%		7.9	%		*7.9*	%
% of debt in AR$		5	%		3	%		2	%

Cash + short term investments		1,034			1,243			1,335			*7.4*	%

% of cash in AR$		60	%		62	%		62	%

Net debt		6,455			5,843			5,655			*-3.2*	%

Average interest rates for AR$ and US$ debt refer to YPF on a stand-alone basis.

As of September 30th, 2022, YPF’s consolidated net debt totaled US$5,655 million, decreasing by US$188 million q/q. On a year over year basis, the total reduction in our net debt reached US$801 million and, when comparing the 10 last consecutive quarters with positive free cash flow, the cumulative net debt reduction totals the staggering amount of US$1,985 million.

On the same note, in 3Q22 we delivered further reduction in our net leverage position, reaching a ratio of 1.18x net debt to 12-month adjusted EBITDA, showcasing the tremendous recovery in our operating and financial performance, after peaking a net leverage ratio of 4.9x in 1Q21. In addition, our liquidity position covers our debt amortizations for the following 18 months.

Additionally, in October 2022, the local rating agency Fix increased our local issuer rating by two notches to AAA from AA+. Moreover, the rating agency Moody’s announced a change in YPF’s outlook to positive from stable, in both cases, highlighting the continuous improvement in operating and financial performance, as well as the tremendous growth opportunities for the mid and log term.

Regarding our maturity profile, as of September 30th, 2022, we faced total maturities of US$52 million for the remaining three months of 2022, mainly consisting in trade financing facilities. Moreover, for 2023 we face total maturities of US$941million, mainly consisting of both local and international bonds amortizations (accounting for a 76% of total).

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The following chart shows the consolidated principal debt maturity profile of the company as of September 30th, 2022, expressed in millions of dollars:

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6. TABLES AND NOTES

6.1. CONSOLIDATED INCOME STATEMENT


Income Statement Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Revenues		3,621			4,855			5,179			*43.0*	%		*6.7*	%		9,618			13,669			*42.1*	%

Costs		(2,820	)		(3,444	)		(3,784	)		34.2	%		9.9	%		(7,697	)		(10,067	)		30.8	%

Gross profit		801			1,411			1,394			*74.0*	%		*-1.1*	%		1,921			3,601			87.5	%

Selling expenses		(280	)		(377	)		(384	)		37.1	%		1.9	%		(780	)		(1,015	)		30.1	%
Administrative expenses		(117	)		(159	)		(171	)		45.7	%		7.2	%		(335	)		(468	)		39.7	%
Exploration expenses		(10	)		(13	)		(19	)		92.2	%		45.2	%		(20	)		(43	)		110.6	%
Impairment of property, plant and equipment and intangible assets		—			—			(104	)		N/A			N/A			—			(104	)		N/A
Other operating results, net		34			(12	)		(16	)		N/A			36.3	%		30			(41	)		N/A

Operating income		428			850			701			*63.8*	%		*-17.6*	%		816			1,930			136.6	%

Income of interests in companies and joint ventures		45			133			145			225.4	%		8.7	%		117			393			235.6	%
Financial Income		157			455			*641*			307.2	%		40.8	%		617			*1,397*			126.5	%
Financial Cost		(304	)		(510	)		*(618*	)		102.8	%		21.1	%		(1,046	)		*(1,530*	)		46.3	%
Other financial results		65			51			92			41.3	%		80.3	%		182			*200*			9.8	%
Financial results, net		(82	)		(4	)		115			N/A			N/A			(247	)		67			N/A

Net profit before income tax		390			979			960			*146.2*	%		*-1.9*	%		686			2,390			248.5	%

Income tax		(153	)		(181	)		(282	)		84.2	%		55.8	%		(966	)		(666	)		-31.1	%

Net profit for the period		237			798			678			*186.3*	%		*-15.0*	%		(280	)		1,724			N/A

Net profit for shareholders of the parent company		232			790			677			192.4	%		-14.3	%		(271	)		1,717			N/A
Net profits for non-controlling interest		5			8			1			-81.0	%		-87.5	%		(10	)		7			N/A
Earnings per share attributable to shareholders of the parent company (basic and diluted)		0.59			2.01			1.72			191.5	%		-14.4	%		(0.69	)		4.37			N/A

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).


Income Statement Unaudited Figures, in AR$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Revenues		353,558			578,011			719,440			*103.5*	%		*24.5*	%		904,321			1,685,620			86.4	%

Costs		(275,354	)		(410,626	)		(527,339	)		91.5	%		28.4	%		(722,825	)		(1,241,107	)		71.7	%

Gross profit		78,204			167,385			192,101			*145.6*	%		*14.8*	%		181,496			444,513			144.9	%

Selling expenses		(27,369	)		(44,888	)		(53,453	)		95.3	%		19.1	%		(73,335	)		(125,565	)		71.2	%
Administrative expenses		(11,522	)		(19,218	)		(24,377	)		111.6	%		26.8	%		(31,559	)		(58,369	)		85.0	%
Exploration expenses		(963	)		(1,553	)		(2,593	)		169.3	%		67.0	%		(1,926	)		(5,269	)		173.6	%
Impairment of property, plant and equipment and intangible assets		—			—			(14,108	)		N/A			N/A			—			(14,108	)		N/A
Other operating results, net		3,286			(1,370	)		(2,158	)		N/A			57.5	%		2,955			(4,985	)		N/A

Operating income		41,636			100,356			95,412			*129.2*	%		*-4.9*	%		77,631			236,217			204.3	%

Income of interests in companies and joint ventures		4,358			15,465			19,038			336.9	%		23.1	%		10,913			46,732			328.2	%
Financial Income		15,374			53,736			87,286			467.8	%		62.4	%		57,035			173,132			203.6	%
Financial Cost		(29,862	)		(60,960	)		(86,026	)		188.1	%		41.1	%		(97,633	)		(190,023	)		94.6	%
Other financial results		6,535			7,017			15,478			136.8	%		120.6	%		17,482			28,827			64.9	%
Financial results, net		(7,953	)		(207	)		16,738			N/A			N/A			(23,116	)		11,936			N/A

Net profit before income tax		38,041			115,614			131,188			*244.9*	%		*13.5*	%		65,428			294,885			350.7	%

Income tax		(15,070	)		(21,551	)		(39,006	)		158.8	%		81.0	%		(90,966	)		(82,223	)		-9.6	%

Net profit for the period		22,971			94,063			92,182			*301.3*	%		*-2.0*	%		(25,538	)		212,662			N/A

Net profit for shareholders of the parent company		22,500			93,087			91,896			308.4	%		-1.3	%		(24,583	)		211,586			N/A
Net profits for non-controlling interest		471			976			286			-39.3	%		-70.7	%		(955	)		1,076			N/A
Earnings per share attributable to shareholders of the parent company (basic and diluted)		57.33			236.84			233.72			3.08			(0.01	)		(62.60	)		538.25			N/A

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6.2. CONSOLIDATED BALANCE SHEET

Consolidated Balance Sheet

In US$ million

In AR$ million

Unaudited Figures

31-Dec-21

30-Sep-22

31-Dec-21

30-Sep-22

Non-current Assets

Intangible assets

419

412

43,014

60,612

Properties, plant and equipment

16,003

16,625

1,642,259

2,447,475

Assets for leasing

519

499

53,260

73,535

Investments in companies and joint ventures

1,529

1,866

156,925

274,672

Deferred tax assets, net

1,921

911

Other receivables

190

19,549

6,645

Trade receivables

4,363

1,478

Investment in financial assets

201

2,534

29,616

Total Non-current Assets

18,747

19,664

1,923,825

2,894,944

Current Assets

Assets held for disposal

103

Inventories

1,500

2,001

153,927

294,515

Contract assets

1,360

184

Other receivables

616

614

63,259

90,342

Trade receivables

1,305

1,673

133,904

246,349

Investment in financial assets

497

500

51,012

73,676

Cash and cash equivalents

611

834

62,678

122,793

Total Current Assets

4,543

5,623

466,243

827,859

Total Assets

23,290

25,287

2,390,068

3,722,803

Shareholders’ Equity

Shareholders’ contributions

102

10,504

9,561

Reserves, other comprehensive income and retained earnings

8,082

9,953

829,388

1,465,214

Non-controlling interest

101

8,226

14,807

Total Shareholders’ Equity

8,265

10,118

848,118

1,489,582

Non-current Liabilities

Provisions

2,519

2,548

258,478

375,160

Deferred tax liabilities, net

1,805

796

185,179

117,200

Income tax payable

3,026

4,858

Other taxes payable

201

194

Salaries and social security

3,262

556

Liabilities from leasing

276

247

28,335

36,316

Loans

6,534

6,133

670,535

902,880

Other liabilities

968

1,239

Accounts payable

888

1,185

Total non-current Liabilities

11,215

9,778

1,150,872

1,439,588

Current Liabilities

Provisions

188

178

19,297

26,201

Contract liabilities

130

254

13,329

37,362

Income tax payable

960

1,336

141,367

Other taxes payable

143

246

14,671

36,226

Salaries and social security

229

245

23,459

36,121

Liabilities from leasing

266

275

27,287

40,454

Loans

845

857

86,680

126,107

Other liabilities

3,468

1,492

Accounts payable

1,964

2,366

201,551

348,303

Total Current Liabilities

3,811

5,391

391,078

793,633

Total Liabilities

15,026

15,169

1,541,950

2,233,221

Total Liabilities and Shareholders’ Equity

23,290

25,287

2,390,068

3,722,803

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

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6.3. CONSOLIDATED CASH FLOW STATEMENT


Cash Flow Statement Unaudited Figures, in US$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Operating activities
Net income		237			798			678			186.3	%		-15.0	%		(280	)		1,724			N/A
Income of interests in companies and joint ventures		(45	)		(133	)		(145	)		225.4	%		8.7	%		(117	)		(393	)		235.6	%
Depreciation of property, plant and equipment		715			631			655			-8.4	%		3.9	%		2,175			1,875			-13.8	%
Depreciation of the right-of-use assets		52			50			56			7.4	%		12.5	%		151			157			4.1	%
Amortization of intangible assets		13			12			11			-16.1	%		-12.0	%		37			34			-9.0	%
Losses of property, plant and equipment and intangible assets and consumption of materials		74			100			111			50.9	%		11.5	%		244			296			21.4	%
Income tax charge		153			181			282			84.2	%		55.8	%		966			666			-31.1	%
Net increase in provisions		49			105			82			66.5	%		-22.0	%		193			260			34.2	%
Impairment of property, plant and equipment and intangible assets		—			—			104									—			104			N/A
Interest, exchange differences and others		105			126			(129	)		N/A			N/A			270			5			-98.1	%
Stock compensation plans		1			0			3			551.3	%		607.0	%		3			4			38.9	%
Accrued insurance		—			—			—			N/A			N/A			—			—			N/A
Results from exchange of debt instruments		—			—			—			N/A			N/A			(21	)		—			N/A
Results for assignment of participation in areas		(11	)		—			—			N/A			N/A			(16	)		—			N/A
Results from sales of assets held for disposal		(25	)		—			—			N/A			N/A			(58	)		—			N/A
Results from exchange of financial instruments		—			—			—			N/A			N/A			—			—			N/A
Changes in assets and liabilities
Trade receivables		(123	)		(231	)		*(181*	)		47.9	%		-21.4	%		(264	)		*(526*	)		98.8	%
Other receivables		(29	)		(135	)		*(69*	)		134.7	%		-49.0	%		(67	)		*(47*	)		-29.6	%
Inventories		(95	)		(210	)		*(271*	)		186.1	%		29.3	%		(206	)		*(483*	)		134.2	%
Accounts payable		(53	)		80			*312*			N/A			290.8	%		75			*373*			400.2	%
Other taxes payable		(15	)		(58	)		27			N/A			N/A			19			*146*			654.7	%
Salaries and Social Security		16			17			32			107.0	%		89.1	%		1			16			1339.7	%
Other liabilities		(24	)		(4	)		(2	)		-90.2	%		-42.6	%		(68	)		*(26*	)		-62.5	%
Decrease in provisions for payments / utilization		(14	)		(32	)		*(47*	)		235.2	%		49.7	%		(45	)		*(109*	)		144.5	%
Contract Assets		3			(4	)		14			384.9	%		N/A			(3	)		6			N/A
Contract Liabilities		104			(19	)		61			-41.3	%		N/A			111			*210*			88.9	%
Dividends received		—			64			2			N/A			-97.1	%		40			66			63.1	%
Insurance charge for loss of profit		—			—			—			N/A			N/A			5			1			-80.2	%
Income tax payments		(1	)		(4	)		(2	)		40.4	%		-52.5	%		(4	)		(8	)		97.1	%

Net cash flow from operating activities		1,086			1,334			1,585			*45.8*	%		*18.8*	%		3,141			4,352			38.5	%

Investing activities
Acquisitions of property, plant and equipment and intangible assets		(702	)		(820	)		(1,049	)		49.5	%		28.0	%		(1,695	)		(2,654	)		56.6	%
Contributions and acquisitions of interests in companies and joint ventures		—			—			(0	)		N/A			N/A			—			(0	)		N/A
Proceeds from sales of financial assets		103			195			168			63.7	%		-13.8	%		327			396			20.9	%
Payments for the acquisition of financial assets		(209	)		(416	)		(140	)		-33.1	%		-66.4	%		(547	)		(644	)		17.6	%
Interest received from financial assets		5			17			29			490.6	%		67.3	%		40			47			17.6	%
Collection for participation in areas and sale of assets		14			2			2			-82.6	%		36.8	%		32			6			-81.2	%

Net cash flow from investing activities		(789	)		(1,021	)		(990	)		*25.5*	%		*-3.1*	%		(1,844	)		(2,850	)		54.6	%

Financing activities
Payment of loans		(231	)		(232	)		(66	)		-71.3	%		-71.5	%		(1,310	)		(756	)		-42.3	%
Payment of interests		(183	)		(126	)		(183	)		0.0	%		44.5	%		(513	)		(482	)		-5.9	%
Proceeds from loans		286			9			47			-83.7	%		439.2	%		802			410			-48.9	%
Account overdraft, net		—			54			(47	)		N/A			N/A			—			(0	)		N/A
Acquisition of own shares		—			—			(6	)		N/A			N/A			—			(6	)		N/A
Payment of leasing		(72	)		(80	)		(93	)		28.9	%		15.4	%		(225	)		(258	)		14.7	%
Payment of interests related to income tax		(0	)		(2	)		(2	)		805.9	%		-1.1	%		(0	)		(5	)		972.8	%

Net cash flow from financing activities		(200	)		(379	)		(350	)		*75.3*	%		*-7.6*	%		(1,247	)		(1,100	)		-11.8	%

Effect of changes in exchange rates on cash and cash equivalents		3			26			45			1229.1	%		71.7	%		20			86			329.0	%
Translation adjustments		(18	)		(88	)		(123	)		579.2	%		39.4	%		(97	)		(266	)		173.6	%
Increase (decrease) in cash and cash equivalents		83			(128	)		167			100.7	%		N/A			(26	)		223			N/A
Cash and cash equivalents at the beginning of the period		540			795			667			23.5	%		-16.1	%		650			611			-6.0	%

Cash and cash equivalents at the end of the period		623			667			834			*33.8*	%		*25.0*	%		623			834			33.8	%

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

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Cash Flow Statement Unaudited Figures, in AR$ million	3Q21			2Q22			3Q22			Y/Y Δ			Q/Q Δ			9M21			9M22			Y/Y Δ
Operating activities
Net income		22,971			94,063			92,182			301.3	%		-2.0	%		(25,538	)		212,662			N/A
Income of interests in companies and joint ventures		(4,358	)		(15,465	)		(19,038	)		336.9	%		23.1	%		(10,913	)		(46,732	)		328.2	%
Depreciation of property, plant and equipment		69,548			74,560			89,569			28.8	%		20.1	%		202,975			226,938			11.8	%
Depreciation of the right-of-use assets		5,092			5,894			7,625			49.7	%		29.4	%		14,074			18,910			34.4	%
Amortization of intangible assets		1,246			1,492			1,621			30.1	%		8.6	%		3,485			4,295			23.2	%
Losses of property, plant and equipment and intangible assets and consumption of materials		7,151			11,738			15,074			110.8	%		28.4	%		22,706			35,915			58.2	%
Income tax charge		15,070			21,551			39,006			158.8	%		81.0	%		90,966			82,223			-9.6	%
Net increase in provisions		4,800			12,430			11,165			132.6	%		-10.2	%		17,978			31,248			73.8	%
Impairment of property, plant and equipment and intangible assets		—			—			14,108			N/A			N/A			—			14,108			N/A
Interest, exchange differences and others		9,966			14,033			(19,817	)		N/A			N/A			25,155			(5,019	)		N/A
Stock compensation plans		51			57			464			809.8	%		714.0	%		292			574			96.6	%
Accrued insurance		—			—			—			N/A			N/A			—			—			N/A
Results from exchange of debt instruments		—			—			—			N/A			N/A			(1,855	)		—			N/A
Results for assignment of participation in areas		(1,027	)		—			—			N/A			N/A			(1,499	)		—			N/A
Results from sales of assets held for disposal		(2,428	)		—			—			N/A			N/A			(5,549	)		—			N/A
Results from exchange of financial instruments		—			—			—			N/A			N/A			—			—			N/A
Changes in assets and liabilities
Trade receivables		(11,916	)		(27,199	)		*(24,619*	)		106.6	%		-9.5	%		(25,352	)		*(63,891*	)		152.0	%
Other receivables		(2,851	)		(15,902	)		*(9,345*	)		227.8	%		-41.2	%		(5,912	)		*(8,600*	)		45.5	%
Inventories		(9,202	)		(24,708	)		*(36,774*	)		299.6	%		48.8	%		(19,551	)		*(61,767*	)		215.9	%
Accounts payable		(5,134	)		9,405			*42,318*			N/A			350.0	%		5,799			*49,781*			758.4	%
Other taxes payable		(1,453	)		(6,886	)		*3,675*			N/A			N/A			1,275			*15,725*			1133.3	%
Salaries and Social Security		1,507			2,001			*4,357*			189.1	%		117.7	%		304			*2,804*			822.4	%
Other liabilities		(2,369	)		(492	)		*(325*	)		-86.3	%		-33.9	%		(6,339	)		*(2,841*	)		-55.2	%
Decrease in provisions for payments / utilization		(1,373	)		(3,729	)		*(6,428*	)		368.2	%		72.4	%		(4,127	)		*(13,367*	)		223.9	%
Contract Assets		283			(441	)		*1,917*			577.4	%		N/A			(265	)		*1,060*			N/A
Contract Liabilities		10,099			(2,231	)		*8,283*			-18.0	%		N/A			10,815			*23,934*			121.3	%
Dividends received		—			7,540			*256*			N/A			-96.6	%		3,794			*7,796*			105.5	%
Insurance charge for loss of profit		—			—			—			N/A			N/A			515			*116*			-77.5	%
Income tax payments		(129	)		(463	)		*(253*	)		96.1	%		-45.4	%		(387	)		*(972*	)		151.2	%

Net cash flow from operating activities		105,544			157,248			215,021			*103.7*	%		*36.7*	%		292,846			524,900			*79.2*	%

Investing activities
Acquisitions of property, plant and equipment and intangible assets		(68,176	)		(96,612	)		(142,371	)		108.8	%		47.4	%		(158,792	)		(322,612	)		103.2	%
Contributions and acquisitions of interests in companies and joint ventures		—			—			(40	)		N/A			N/A			—			(4,676	)		N/A
Proceeds from sales of financial assets		9,972			22,980			22,808			128.7	%		-0.7	%		30,512			49,261			61.4	%
Payments for the acquisition of financial assets		(20,284	)		(48,976	)		(18,955	)		-6.6	%		-61.3	%		(51,287	)		(77,340	)		50.8	%
Interest received from financial assets		475			2,034			3,919			725.1	%		92.7	%		3,696			6,042			63.5	%
Collection for participation in areas and sale of assets		1,376			212			334			-75.7	%		57.5	%		3,010			723			-76.0	%

Net cash flow from investing activities		(76,637	)		(120,362	)		(134,305	)		*75.2*	%		*11.6*	%		(172,861	)		(348,602	)		*101.7*	%

Financing activities
Payment of loans		(22,401	)		(27,381	)		(8,987	)		-59.9	%		-67.2	%		(120,045	)		(85,115	)		-29.1	%
Payment of interests		(17,730	)		(14,894	)		(24,772	)		39.7	%		66.3	%		(47,674	)		(58,140	)		22.0	%
Proceeds from loans		27,741			1,018			6,320			-77.2	%		520.8	%		73,788			45,068			-38.9	%
Account overdraft, net		—			6,332			(6,332	)		N/A			N/A			—			(794	)		N/A
Acquisition of own shares		—			—			(847	)		N/A			N/A			—			(847	)		N/A
Payment of leasing		(6,991	)		(9,470	)		(12,585	)		80.0	%		32.9	%		(20,971	)		(31,130	)		48.4	%
Payment of interests related to income tax		(26	)		(289	)		(329	)		1165.4	%		13.8	%		(47	)		(665	)		1314.9	%

Net cash flow from financing activities		(19,407	)		(44,684	)		(47,532	)		*144.9*	%		*6.4*	%		(114,949	)		(131,623	)		*14.5*	%

Effect of changes in exchange rates on cash and cash equivalents		329			3,089			6,108			1756.5	%		97.7	%		1,844			10,804			485.9	%
Increase (decrease) in cash and cash equivalents		9,829			(4,709	)		39,292			299.8	%		N/A			6,880			60,115			773.8	%
Cash and cash equivalents at the beginning of the period		51,669			88,210			83,501			61.6	%		-5.3	%		54,618			62,678			14.8	%

Cash and cash equivalents at the end of the period		61,498			83,501			122,793			*99.7*	%		*47.1*	%		61,498			122,793			*99.7*	%

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6.4. MAIN PHYSICAL MAGNITUDES


Main physical magnitudes Unaudited Figures	Unit		1Q21		2Q21		3Q21		4Q21		Cum. 2021		1Q22		2Q22		3Q22		Cum. 2022
Total Production		Kboe		39,330		41,961		45,591		44,542		171,424		45,523		45,836		46,406		137,765

Crude oil production		Kbbl		18,691		19,125		19,265		19,886		76,967		19,993		20,506		20,680		61,178
NGL production		Kbbl		2,653		3,329		3,832		2,757		12,572		3,979		3,796		3,496		11,271
Gas production		Mm3		2,860		3,102		3,576		3,482		13,020		3,427		3,424		3,535		10,385
Henry Hub		USD/MMBTU		2.7		3.0		4.3		4.8		3.7		4.6		7.5		6.8		14.3
Brent		USD/bbl		61.8		68.8		73.5		79.6		70.7		97.4		111.9		97.8		307.1
Sales volume *(YPF stand alone)*

Sales of refined products		Km3		4,232		4,365		4,702		4,756		18,055		4,571		4,743		4,920		14,235

Domestic market		Km3		3,993		4,077		4,389		4,396		16,855		4,209		4,416		4,535		13,160
Gasoline		Km3		1,240		1,032		1,263		1,452		4,987		1,410		1,364		1,419		4,193
Diesel		Km3		1,811		1,931		2,084		2,181		8,007		2,030		2,284		2,288		6,602
Jet fuel and kerosene		Km3		65		49		74		107		295		124		115		129		368
Fuel Oil		Km3		102		73		36		5		216		4		13		21		38
LPG		Km3		221		296		278		240		1,035		243		305		298		847
Other (*)		Km3		553		697		654		411		2,316		398		335		379		1,112
Export market		Km3		239		288		313		360		1,200		362		328		385		1,074
Petrochemical naphtha		Km3		0		96		89		20		205		22		53		85		159
Jet fuel and kerosene		Km3		25		27		29		59		140		74		81		89		243
LPG		Km3		74		23		62		154		313		124		28		73		225
Bunker (Diesel and Fuel Oil)		Km3		52		64		78		71		264		94		67		51		211
Other (*)		Km3		88		79		55		56		278		49		100		87		236

Sales of petrochemical products		Ktn		197		173		197		135		703		129		139		115		382

Domestic market		Ktn		116		123		137		114		489		99		111		90		301
Methanol		Ktn		43		57		71		53		224		68		76		54		197
Other		Ktn		73		66		66		60		265		32		35		37		103
Export market		Ktn		81		50		60		22		213		30		27		25		82
Methanol		Ktn		45		18		32		3		98		6		7		4		18
Other		Ktn		37		32		28		19		115		23		21		20		64

Grain, flours and oils		Ktn		294		456		381		238		1,371		271		517		449		1,237

Domestic market		Ktn		11		11		4		7		33		7		39		50		96
Export market		Ktn		284		445		377		232		1,338		264		478		398		1,140

Fertilizers		Ktn		186		328		25		221		760		104		166		242		512

Domestic market		Ktn		186		328		25		221		760		104		166		242		512
Main products imported *(YPF stand alone)*
Gasolines		Km3		82		6		46		89		223		122		40		49		211
Jet Fuel		Km3		0		4		0		6		9		2		0		1		4
Diesel		Km3		46		155		251		472		924		318		255		448		1,021

Other (*): Principally includes sales of oil and lubricant bases, asphalt, and residual carbon, among others.

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This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives as of the date hereof of YPF and its management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions, or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or elsewhere.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.